US stocks close higher on upbeat earnings; SNY, XOM rally

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 US stocks close higher on upbeat earnings; SNY, XOM rally
Image source: © Alexandersikov |

Wall Street indices closed the session higher on Friday, October 28, as optimism over the third quarter corporate earnings has helped gains in the overall market, offsetting the declines in the mega-cap technology stocks.

The S&P 500 rose 2.46 per cent to 3,901.06. The Dow Jones was up 2.59 per cent to 32,861.80. The NASDAQ Composite added 2.87 per cent to 11,102.45, and the small-cap Russell 2000 rose 2.25 per cent to 1,846.92.

All three indices notched their weekly gains, while Nasdaq and S&P 500 bounced back from their two consecutive sessions of decline. Meanwhile, robust gains in Apple Inc. (NASDAQ: AAPL) nullified losses from the e-commerce giant, Inc. (NASDAQ: AMZN).

AMZN stock fell over eight per cent in the intraday trading, after the e-commerce-focused technology giant provided downbeat guidance for the running quarter, which would also include the holiday season.

Despite gloomy earnings from most of the technology leaders, Apple Inc. (AAPL) stayed reported positive results with record revenue in the latest quarter.

In economic news, the US PCE index, a core gauge of inflation, rose 0.5 per cent on a monthly basis, while rising 5.1 per cent YoY. The surge noted in the Commerce Department's report reflects an acceleration in September from the prior month.

Only the consumer discretionary sector of the S&P 500 index stayed on the negative side on Friday, October 28, mostly due to the losses from AMZN stock. 10 of the 11 segments of the index stayed in the positive territory, with the information technology and communication services sectors as the top movers.

Shares of Sanofi (NASDAQ: SNY) added over two per cent in the intraday trading, after the pharmaceutical and healthcare firm released its latest quarter financial results while issuing upbeat guidance.

Exxon Mobil Corporation (NYSE: XOM) soared over two per cent in the intraday session, after the natural gas company reported strong quarterly financial results, amid higher natural gas prices. In addition, the cost control of the company also helped it offset the decline in crude oil prices.

In the consumer discretionary sector, Alibaba Group Holding Limited (BABA) fell 2.93 per cent, Pinduoduo Inc. (PDD) lost 1.07 per cent, and, Inc. (JD) plunged 4.19 per cent. On the other hand, The Home Depot, Inc. (HD) and McDonald's Corporation (MCD) jumped 2.55 per cent and 3.37 per cent, respectively.

In technology stocks, Microsoft Corporation (MSFT) rose 4.04 per cent, NVIDIA Corporation (NVDA) added 4.27 per cent, and Oracle Corporation (ORCL) gained 3.11 per cent. ASML Holding N.V. (ASML) and Cisco Systems, Inc. (CSCO) soared 2.70 per cent and 2.62 per cent, respectively.

Top movers & losers in the US stock market on October 28

Futures & Commodities

Gold futures were down 1.08 per cent to US$1,647.55 per ounce. Silver decreased by 1.57 per cent to US$19.188 per ounce, while copper fell 2.39 per cent to US$3.4355.

Brent oil futures decreased by 0.95 per cent to US$94.14 per barrel and WTI crude was down 0.86 per cent to US$88.31.

Top volume movers in the US stock market on October 28

Bond Market

The 30-year Treasury bond yields were up 1.08 per cent to 4.138, while the 10-year bond yields rose 1.91 per cent to 4.014.

US Dollar Futures Index increased by 0.07 per cent to US$110.532.


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